Brent oil price still confined inside the bullish pennant pattern that appears on the minor image, and the price needs to breach 40.70 level to activate the positive effect of this pattern followed by pushing the price to resume the bullish trend on the short term basis.
Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 and stochastic, while we should take into consideration that breaking 38.25 followed by 37.29 levels will stop the suggested bullish trend and put the price within the main bearish track.
Expected trading range for today is between 39.00 support and 43.00 resistance.
Expected trend for today: Bullish
Origin: Economies
